can you explain how to solve this?

Klay Curshaw wants to establish a brand-new endowment for a Highland Park charity. Klay wants for this endowment to pay $100,000 per year forever, with the first cash flow occurring in exactly 10 years. Assuming that Klay can earn a 3.00\%/year rate of return on his money associated with this endowment, how much must Klay deposit into the endowment today? The following timeline shows all of the future cash flows, as well as the ultimate answer being calculated here. The timeline essentially shows the problem statement with a picture. All information in the above paragraph is reflected *in* the picture (i.e., the timeline) below. NOTE: While the set-up here does provide a timeline for you, you surely want to be prepared to draw your own timeline for a problem like this for either of this course's two exams. a. Step 1 in the two-stage approach to solving this problem is to value the perpetuity at t=. Step 2 will be to then take the interim answer from step 1 and discount it times. b. Answer: \$ . [Round your answer to the nearest dollar.]